Government Raises Windfall Tax On Crude To Rs 1,600 Per Tonne
The Ministry of Finance has raised the windfall tax on domestically produced crude oil to Rs 1,600 per tonne from nil.
The levy on exports of diesel remained unchanged at zero, according to a gazette notification.
In May, the government had cut the windfall tax on crude oil produced by companies such as Oil and Natural Gas Corp. Ltd. to nil from Rs 4,100 per tonne.
The new tax rates will take effect on July 15, the notification said.
India first imposed windfall profit taxes on July 1 last year, joining a growing number of nations that tax supernormal profit of energy companies.
At that time, export duties of Rs 6 per litre, or $12 per barrel, were levied on petrol and ATF and Rs 13 per litre, or $26 per barrel, on diesel.
A windfall profit tax of Rs 23,250 per tonne, or $40 per barrel, on domestic crude production was also levied.
The export tax on petrol was scrapped in the very first review, and that on ATF was done away with on March 4.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
